Xponance Inc. Grows Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

Xponance Inc. grew its holdings in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 8.8% during the fourth quarter, HoldingsChannel reports. The firm owned 68,931 shares of the mining company’s stock after purchasing an additional 5,596 shares during the quarter. Xponance Inc.’s holdings in Cleveland-Cliffs were worth $648,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Truvestments Capital LLC purchased a new position in Cleveland-Cliffs during the third quarter worth about $34,000. Byrne Asset Management LLC lifted its holdings in shares of Cleveland-Cliffs by 130.0% during the 4th quarter. Byrne Asset Management LLC now owns 4,600 shares of the mining company’s stock worth $43,000 after acquiring an additional 2,600 shares during the period. Stonebridge Financial Group LLC acquired a new stake in shares of Cleveland-Cliffs in the fourth quarter worth approximately $44,000. Wilmington Savings Fund Society FSB acquired a new position in Cleveland-Cliffs during the third quarter worth approximately $64,000. Finally, GAMMA Investing LLC increased its position in Cleveland-Cliffs by 1,190.6% during the fourth quarter. GAMMA Investing LLC now owns 5,330 shares of the mining company’s stock worth $50,000 after purchasing an additional 4,917 shares during the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CLF. Citigroup lowered their price objective on shares of Cleveland-Cliffs from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Morgan Stanley cut their price objective on Cleveland-Cliffs from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. B. Riley reiterated a “buy” rating on shares of Cleveland-Cliffs in a report on Tuesday, February 4th. The Goldman Sachs Group cut their price target on shares of Cleveland-Cliffs from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Glj Research reduced their price objective on Cleveland-Cliffs from $14.54 to $12.90 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cleveland-Cliffs currently has an average rating of “Hold” and a consensus target price of $16.43.

Cleveland-Cliffs Price Performance

Shares of NYSE CLF opened at $9.41 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a fifty-two week low of $8.50 and a fifty-two week high of $22.97. The business has a 50 day moving average price of $10.34 and a two-hundred day moving average price of $11.26. The firm has a market cap of $4.65 billion, a PE ratio of -9.70 and a beta of 1.94.

Cleveland-Cliffs (NYSE:CLF) last released its quarterly earnings results on Monday, February 24th. The mining company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.03). The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.46 billion. Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. Sell-side analysts expect that Cleveland-Cliffs Inc. will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John T. Baldwin bought 4,000 shares of Cleveland-Cliffs stock in a transaction on Monday, March 10th. The shares were bought at an average price of $8.70 per share, with a total value of $34,800.00. Following the acquisition, the director now directly owns 133,227 shares in the company, valued at approximately $1,159,074.90. This represents a 3.10 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jane M. Cronin bought 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $10.56 per share, with a total value of $105,600.00. Following the transaction, the director now owns 24,522 shares in the company, valued at approximately $258,952.32. This represents a 68.86 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 23,500 shares of company stock valued at $243,095 in the last ninety days. Corporate insiders own 1.76% of the company’s stock.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.